16th Oct 2014 06:37
LONDON (Alliance News) - Bunzl PLC Thursday said trading has been in line with expectations since its half-year results were released at the end of August and said it has acquired a new business in the Netherlands.
The distribution and outsourcing company said overall trading has been in line in the period since its results in August, with group revenue in the third quarter to September 30 up 6% year-on-year on a constant currency basis. It said this was driven by underlying growth of around 3% on the back of positive contributions from acquisitions.
The group said there has been no significant change in its funding position over the period and is continues to have "substantial" funding headroom.
In addition, the group said it will acquired Netherlands-based De Ridder Groep BV, a specialist distribution business focusing on the prisons, police stations and detention centres segments, for an undisclosed amount.
Bunzl said revenue for De Ridder in 2014 is expected to be around EUR8 million.
"The acquisition of De Ridder further extends our business in the Netherlands and we are delighted to welcome their employees to the Bunzl Group. We have acquired 13 businesses so far this year and, with ongoing discussions taking place with a number of targets, we would expect to complete further acquisitions before the year end," said Michael Roney, chief executive of Bunzl.
By Sam Unsted; [email protected]; @SamUAtAlliance
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